Rouble pares early losses to hover around 61 to the dollar By Reuters

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© Reuters. FILE PHOTO: Deputy Governor of the Bank of Russia Sergey Belov holds the newly designed Russian 100-rouble banknote during a presentation in Moscow, Russia June 30, 2022. REUTERS/Evgenia Novozhenina

MOSCOW (Reuters) – The Russian rouble hovered around 61 to the dollar after touching its lowest in nearly two weeks early on Tuesday, with pressure from oil market jitters countered by rouble buying to cover month-end tax payments.

At 0714 GMT the rouble was down 0.1% against the dollar at 60.90, having slid to 61.1950 earlier in the session for its weakest since Nov. 10.

The rouble could strengthen towards the 60 mark during the session, said Bogdan Zvarich, chief analyst at Banki.ru.

“An improved situation on the energy market and an increase in the supply of foreign currency by exporters will facilitate its rise,” Zvarich said.

The rouble is supported by a month-end tax period in which exporters usually convert foreign exchange revenue into roubles to pay domestic liabilities.

The Russian currency was unchanged at 62.33 against the euro and was down 0.1% against the yuan at 8.48.

Oil prices slumped to their lowest since January in the previous session before rebounding. , a global benchmark for Russia’s main export, was up 0.2% at $87.6 a barrel in early trade on Tuesday.

Russian stock indexes rose, with the dollar-denominated RTS index firming by 0.4% to 1,126.8 points while the rouble-based MOEX Russian index gained 0.6% to 2,178.3 points.

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